In Brief: BOK Financial to Buy $246M-Asset Bank

Bancshares of Muskogee for about $55 million in stock. First Bancshares has $246 million of assets, $225 million of deposits, and $92 million in loans. The privately held company expects to earn $5.2 million before taxes in 1998, said chief executive officer Michael Leonard. The deal would make $6.4 billion-asset BOK the largest bank in Muskogee, with 20% of the deposits. First Bancshares, with three bank offices, is primarily a retail and small- to midsize business lender. -Brett Chase

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The increasing adoption of virtual card payments by accounts payable departments has created an unex­pected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables. The root of the problem is that most suppliers rely on a manual approach to processing e-mailed virtual card payments. Suppliers are forced to balance their organization’s need for operational efficiency and control with rising customer demand to pay with a virtual card. But a new breed of tech­nology enables suppliers to process virtual card payments straight-through, addressing the needs of buyers and suppliers. This paper details the growth of electronic business-to-business (B2B) payments, shows how manual approaches to processing virtual card payments cause friction in accounts receivables, describes a way to process virtual card payments straight-through, and highlights the benefits of friction­less payments.